The #1 Misconception About Selling Your Long-Term Home

You’ve lived in your home for awhile (maybe 10,15 or 20 years). There are things you loved and hated when you bought it, and over the years as the opportunity presented itself – you’ve made some changes as you were able. You finally updated that master bathroom - but the kitchen is still from 1989. You replaced the roof and windows - but the downstairs flooring upgrade is still on your wish list. Does this sound familiar at all?!

Unless you’ve won the lottery, chances are your home is much like the classic ‘Christmas Carol’ and haunted by designs and materials of the past, present and future. And the good news is – that is not a bad thing, even if you are thinking of selling! While home values are tempting many long-term homeowners to weigh their options, we often find their biggest concern is completing upgrades or large remodels before they list their home. In the spirit of the 2018 selling season that is fast approaching, here are 3 reasons NOT to make any large upgrades before you sell.

You May Not Need To Upgrade Before You Sell, Here’s Why:

#1: Keep Your Home As-Is To Attract The Maximum Number of Buyers. It sounds counterintuitive, but it is true. The more you renovate your home to your desired taste, the more you may be turning off buyers looking to customize a home to their taste. The rooms that you see as ‘in need of improvement’ appear to potential buyers as a ‘tabula rasa’. Blank slates are big buyer draws, as they prefer to invest in making the home their own, rather than investing in a style that just isn’t them.

#2: Save Your Money To Customize Your Next Place, Not Your Current One. Would you rather spend $15,000 on upgrades you’ll enjoy for a few months, or ones that you’ll enjoy for years? That’s an easy one, right? The best way to keep your options open is to keep your wallet closed. Since you don’t know how competitive the market will be, how low inventory will go or what improvements your next place may need – prepare for the un-expected by saving as much as you can. We are pretty sure no one ever said “I should have spent more before I moved…”.

#3: Don’t Expect To Get Less $$$ Because You Aren’t Doing More. Sellers have enough to think about, and feelings of guilt should NOT make the cut. If you are worried that you are minimizing your ROI by not maximizing your home improvements, think again. Very few upgrades provide a dollar-for-dollar return on your investment, plus they may not leave room for buyer imagination and customization. There are MANY other factors that impact your ROI more than cosmetic features. The state of the market, the location of your home, the surrounding community and inventory levels are much more likely to determine what offers you actually receive on your home. If a buyer REALLY wants to buy, a little linoleum or wallpaper won’t stop them!

Does this mean you are totally off the hook as you prepare your home for sale in the New Year? Not exactly, check back next month as we share the small things that make a big impact in positioning you as the strongest seller possible.

Please let us know if you have any questions at all, whether you are thinking of selling in 3 months, 6 months or 2 years!

All our best,

Mark & Jason